The decentralized autonomous organization (DAO) behind the decentralized protocol BarnBridge has conducted its voting on how to react to the United States Securities Exchange Commission’s (SEC) potential demands.
The voting ended on Oct. 12 with a unanimous decision to comply with the SEC’s potential demands and pay fines if necessary. Tyler Ward and Troy Murray were nominated as the DAO’s special delegates for dealing with the regulator. At the same time, Douglas Park remains the DAO’s legal counsel and will sign the final version of the order on behalf of BarnBridge. Voters have also approved the DAO’s treasury to “sell all tokens that it is permitted to sell” if needed.
No information is available on any specific order the SEC has sent to BarnBridge. The regulator’s investigation into the DAO began in June 2023. BarnBridge immediately paused all its work and closed its liquidity pools. Addressing the members, Ward provided no details for the SEC’s investigation due to its “non-public nature.”
The price of BarnBridge’s native token, BOND, has been gradually falling since its last peak on July 25, when it reached $21.69. At the time of publication, it stands at $1.67, according to CoinGecko. It reached its all-time high of $185.7 in October 2020.
In 2021, BarnBridge announced its “SMART Exposure” application, enabling users to passively maintain a particular weighting between the assets in a specific ERC-20 token pair through automatic rebalancing.
In November 2022, the SEC instituted administrative proceedings against the first legally recognized DAO in the U.S., the American CryptoFed DAO. According to the SEC, the Form S-1 registration statement filed by American CryptoFed lacked vital information, such as audited financial statements and details about its business and management.
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The US is seeking the forfeiture of 20.2 BTC seized by the Dallas FBI from the Chaos ransomware group, adding to the country’s proposed Strategic Bitcoin Reserve.
Donald Trump has reignited his row with London mayor Sir Sadiq Khan after calling him a “nasty person” who has done “a terrible job”.
During an hour-long news conference with Sir Keir Starmer in Scotland, the US president hit out at the Labour mayor, who has responded with his own snipey remarks.
Asked if he would visit London during his state visit in September, Mr Trump said: “I will, I’m not a fan of your mayor, I think he’s done a terrible job.
“A nasty person, I think.”
The prime minister then interrupted and said: “He’s a friend of mine.”
But the president added: “I think he’s done a terrible job but I will certainly visit London, I hope so.”
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Sir Sadiq’s spokesperson then released a statement saying: “Sadiq is delighted that President Trump wants to come to the greatest city in the world.
“He’d see how our diversity makes us stronger not weaker; richer, not poorer.
“Perhaps these are the reasons why a record number of Americans have applied for British citizenship under his presidency.”
Image: Sir Sadiq Khan was knighted in June. Pic: PA
They noted that Sir Sadiq has won three mayoral elections, including when Mr Trump lost the US election in 2020.
This is not the first time Mr Trump and Sir Sadiq have locked horns.
Sir Sadiq then described Mr Trump as a “poster boy for racists”.
And in November 2024, after Mr Trump won his second term, Sir Sadiq said many Londoners would be “fearful” about what it would “mean for democracy”.
However, as Sir Keir tried to show diplomacy with Mr Trump after becoming PM, Sir Sadiq said he “wanted to work closely with the American president” ahead of his inauguration in January.
The London mayor said as somebody “who believes in democracy, and voting and elections, we should recognise the fact that Donald Trump is the elected president of the United States”.
But he added: “Let’s keep our fingers crossed that this president is different from the last time he was president.”